Teva misses Street

Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) reported 4Q12 earnings on Thursday that missed the Street's estimates. The company reported 4Q12 revenues of $5.25 billion, narrowly missing the Street's estimate of $5.26 billion and off 8% in constant currency from the $5.68 billion in 4Q11. Teva also reported 4Q12 non-GAAP diluted EPS of $1.32, missing by a penny the Street's estimate of $1.33 and off from $1.59 in 4Q11. The company said U.S. revenues for Provigil modafinil fell 93% to $25 million in 4Q12 from $350 million in 4Q11 due to generic competition. The sleep disorder drug lost patent exclusivity in 2Q12.

Full year 2012 non-GAAP diluted EPS were $5.35 on revenues of $20.3 billion, compared to EPS of $4.97 on revenues of $18.3 billion in 2011. The Street was expecting 2012 EPS of $5.37 on revenues of $20.34 billion. In 4Q12, Teva repurchased about 12.7 million shares for $500 million as part of a $3 billion repurchase program announced in December 2011. The company has repurchased about $1.2 billion in shares under the program. ...